Press release
Marine Coatings Market to Reflect Impressive Growth Rate During 2024 - 2031 | AkzoNobel N.V., Chugoku Marine Paints Ltd.
Marine Coatings Market
The marine coatings market is estimated to be valued at USD 4.03 Bn in 2024 and is expected to reach USD 6.10 Bn by 2031, growing at a compound annual growth rate (CAGR) of 6.1% from 2024 to 2031.
Market Dynamics:
The marine coatings market is expected to witness significant growth over the forecast period owing to increasing demand from the shipbuilding industry. The global seaborne trade has been growing consistently over the years with increasing transportation of goods by sea. According to the United Nations Conference on Trade and Development (UNCTAD), the total goods load handled by global ports reached 11 billion tons in 2020, up from 10.7 billion tons in the previous year. This rising maritime trade is augmenting the construction of new ships and vessels, thereby driving the demand for marine coatings to protect them from corrosion in harsh marine environments. Furthermore, stringent environmental regulations regarding the use of antifouling coatings containing harmful biocides are encouraging manufacturers to develop eco-friendly coating solutions, which is expected to present lucrative opportunities for players in the marine coatings market during the forecast period.
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Market Drivers
Increasing Demand for Protective Coatings to Prevent Corrosion in Ships
The marine environment is harsh and corrosive for ships and offshore structures. Marine coatings provide a protective barrier and prevent corrosion of ships hulls and offshore structures exposed to seawater and humid salty air. The increasing international seaborne trade and expansion of offshore oil and gas industry is driving the demand for new ships and offshore installations. This is increasing the demand for high-performance marine coatings to protect ships and offshore assets and extend their lifespan.
Market Opportunity
Increasing Use of Advanced Polymer Coatings to Control Marine Fouling
Advancements in polymer science and nanotechnology are enabling development of novel fouling control coatings that can control slime, algae and barnacle attachment more effectively for longer durations. Smart foul release coatings containing nanostructures or capsules are gaining attention. Their self-cleaning properties help improve hydrodynamics and reduce maintenance costs. Growing applications of advanced polymer coatings to control marine biofouling present an opportunity for coating suppliers to develop innovative product offerings and gain market share.
Market Trends
Rise in Offshore Wind Energy Installations Drives Demand for Protective Turbine Coatings
Offshore wind energy is emerging as a major renewable energy source globally. Many countries have ambitious targets to increase installed offshore wind power capacities to achieve clean energy goals. Protection of wind turbine foundations, towers and blades from the corrosive offshore environment is critical to ensure long operational lifetimes. This presents opportunities for marine coating manufacturers to develop specialized anti-corrosion and anti-fouling coatings suitable for the harsh offshore conditions. The growth in offshore wind installations is expected to drive future demand for protective turbine coatings.
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Top Companies Featured in This Report:
★ AkzoNobel N.V.
★ Chugoku Marine Paints Ltd.
★ Hempel A/S
★ Jotun A/S
★ Kansai Paint Co. Ltd.
★ KCC Corporation
★ Nippon Paint
★ PPG Industries Inc
★ RPM International Inc
★ The Sherwin-Williams Company.
★ Permagard Marine
★ Jyoti Innovision Private Limited
★ Protexion
★ Excel India Protective Paints Pvt. Ltd.
★ Goa Paints
★ Axalta Coating Systems
★ BOERO BARTOLOMEO S.p.A.
★ Vizag chemical
★ Nippon Paint
Market Segmentation:
By Product Type:
★ By Product Type: Anti-fouling coatings , Anti-corrosion coatings , Foul release coatings , and Others
By Applications:
★ By Application: Coastal , Containers , Deep sea , Leisure boats , Offshore vessels , and Others
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
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Report Highlights:
📈 Examination of navigation keyword market share at both country and regional levels
📈 Thorough analysis of the competitive landscape and emerging trends
📈 Detailed review of product advancements, technological developments, drivers, and limitations
📈 Strategic recommendations tailored for key business segments based on market insights
📈 Valuable guidance for newcomers venturing into the navigation keyword market
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Author Bio:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
(LinkedIn: https://www.linkedin.com/in/alice-mutum-3b247b137 )
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